Nomi Prins talked about her new book, Other People’s Money, at a conversation sponsored by the Demos think tank. She is a former investment banker who blames politicians for letting businesses hurt consumers and citizens. Prins said that deregulation of banking, telecommunications and energy industries in the 90’s removed existing protections that allowed unethical businessmen to run rampant.
I don’t blame the politicians per se, put I do think that principles of long standing laws and regulations should be applied to new and emerging sectors – the Internet, hedge funds and energy trading shouldn’t be exempted.
John Cassidy of the The New Yorker said that the general public and the business press have to accept blame for their uncritical optimism during the 90’s bubble.